Hunter Hall Investment Management Limited ABN 69 063 081 612 AFSL 219462 ABN Hunter Hall Australian Value Trust HUNTER HALL Fact Sheet 30 September 2014 ETHICAL MANAGED FUNDS Investment Philosophy KEY FACTS Investment Manager: Inception Date: Investment Objective: Territory: Ethical Policy: Recommended Investment Horizon: Fund Size as at 30 September 2014: Minimum Initial Investment: Distributions(1): Entry Fee: Management Fee: Management Fee Rebate(2): Performance Fee: Advisor Remuneration(3): MER to 30 June 2014 – inc. Performance Fee(4): MER to 30 June 2014 – exc. Performance Fee(4): Regular Savings Plan: Hedging Policy: Hunter Hall Investment Management Limited 29 November 2001 To substantially outperform the S&P/ASX Small Ordinaries Accumulation Index (Small Ords), over the medium to long term without incurring significant risk to capital Domestic (Australia and New Zealand) Negative screen 5 years+ $36.8m $5,000 30 June and 31 December 4% of which all may be rebated Nil for Class B unitholders 1.80% per annum 0.35% per annum 15% of any return greater than the S&P/ASX Small Ordinaries Accumulation Index (Small Ords), payable half yearly Nil 2.26% 2.26% Yes - minimum $200 per month No 1 Distributions are only payable when there is net income to distribute. 2 The Management Fee Rebate can be accessed by wholesale investors, or by investors who can access the Trusts via IDPS platforms such as Master Trusts or Wraps. 3 Hunter Hall may pay an ongoing commission to your financial advisor of 0.35% p.a. provided the arrangement with the advisor meets the grandfathering provisions or otherwise satisfies the requirements of Part 7.7A of the Corporations Act 2001 (Cth) (FoFA legislation). The commission is paid by Hunter Hall and is not an additional fee incurred by Unitholders. 4 Based on audited figures. CONTACT DETAILS Hunter Hall Investment Management Limited Street address Level 2, 56 Pitt Street, Sydney Australia Postal Address GPO Box 3955, Sydney NSW 2001 Australia Investor Relations Telephone 1800 651 674 0800 448 305 (New Zealand callers) +61 2 8224 0300 (international callers) Facsimile +61 2 8224 0333 Email [email protected] Website www.hunterhall.com.au • Equities offer the potential for superior investment returns versus other asset classes over the long term. • Value investing is an approach intended to create excess returns over the long term. • Small and mid-size companies have generally outperformed large companies over the long term. • Hunter Hall is a thought leader in ethical/sustainable funds management. Objectives of the Fund The objective of the Hunter Hall Australian Value Trust (AVT) is to increase the wealth of its investors by substantially outperforming the S&P/ASX Small Ordinaries Accumulation Index (Small Ords) over the medium to long term without incurring significant risk to capital. Furthermore, the Fund follows an Ethical Investment Policy which seeks to avoid investment in companies that, in our opinion, are harmful to people, animals or the environment. Investment Strategy • The Fund is managed by Jonathan Rabinovitz, who has 29 years of industry experience. Jonathan is supported by an experienced team of investment professionals. • The AVT is managed using a ‘value’ investment style based on fundamental analysis of individual companies. • The AVT invests in small and mid-size companies listed on the Australian Securities Exchange and excludes large companies listed on the S&P/ASX 100 and NZ20. • A highly concentrated portfolio of typically no more than 60 stocks. • The total size of an investment in any one company will not exceed 10% of the market value of the AVT’s portfolio. • The Fund will be fully invested, with its cash holding limited to 10%. H U N T E R H A L L A U S T R A L I A N VA LU E T R U S T Ethical Investment Policy Hunter Hall is committed to the concept of responsible investing. The Ethical Investment Policy of the AVT involves applying a negative screen to investments. This screening process seeks to avoid investment in companies that derive operating revenues from direct and material business involvement in the manufacture or sale of weapons and weapons components, tobacco manufacture, gambling outlets or systems, intensive animal farming, animal testing for cosmetics, activities that give rise to human rights violations, unremediated destruction of the environment, uranium mining and nuclear reactors and the exploration, production, refining, storage and transportation of fossil fuels. Performance at 30 September 2014 The Australian Value Trust (AVT) was launched on 29 November 2001. As at 30 September 2014, it has recorded a compound annual return since inception, net of expenses, of 7.3% outperforming its benchmark, the S&P/ASX Small Ordinaries Index (Small Ords) by 1.7% p.a. Relative Performance of the Australian Value Trust Compound Annual Returns to 30 September 2014 (%) Value of $10,000 invested at inception 1 Year 3 Years 5 Years 7 Years 10 Years Since inception (29.11.2001) Australian Value Trust Small Ords 2.2 -0.1 3.5 1.7 1.1 -0.3 -0.7 -5.2 4.3 3.6 7.3 5.6 $24,653 $20,166 Relative Performance 2.3 1.8 1.3 4.5 0.7 1.7 $4,487 All Ords 5.9 14.0 6.7 1.2 8.2 8.2 $27,676 Source: Hunter Hall. Past performance is no guarantee of future performance and no guarantee of future return is implied. Financial Year-end Returns AVT Relative Performance Since Inception $30,000 $25,000 AVT $24,653 $20,000 Small Ords $20,166 $15,000 $10,000 $5,000 Period (% pa) AVT Small Ords Relative Returns Year to June 2014 Year to June 2013 Year to June 2012 Year to June 2011 Year to June 2010 Year to June 2009 Year to June 2008 Year to June 2007 Year to June 2006 Year to June 2005 Year to June 2004 Year to June 2003 14.8 -7.2 -11.0 17.1 25.8 -23.0 -13.3 38.4 17.9 4.7 23.0 -8.8 13.1 -5.3 -14.6 16.4 11.2 -28.6 -20.5 44.4 25.5 27.4 26.8 3.7 1.7 -1.8 3.6 0.7 14.6 5.6 7.2 -6.1 -7.6 -22.7 -3.8 -12.5 Nov Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Sep 01 01 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 12 13 13 14 14 Source: Hunter Hall. The graph above represents the value of $10,000 invested in the Australian Value Trust on 29 November 2001 compared to the Small Ords and the All Ords. FA C T S H E E T – 3 0 S E P T E M B E R 2 0 1 4 H U N T E R H A L L A U S T R A L I A N VA LU E T R U S T Portfolio Sector Allocation at 30 September 2014 Top 10 Holdings at 30 September 2014 Company Main Business % of Net Assets Country at Market Value IOOF financial services Australia 5.5 Australia 5.2 M2 Telecommunications telecommunications RCR Tomlinson engineering services Australia 4.4 Cedarwoods real estate development Australia 4.0 Ardent Leisure leisure and entertainment properties Australia 3.6 Fletcher Building building materials New Zealand 3.6 Sirtex Medical liver cancer treatments Australia 3.6 Mortgage Choice mortgage broking Australia 3.4 McMillan Shakespeare salary packaging Australia 3.4 Slater & Gordon insurance law Australia 3.3 Total Investments Net Liquids 5.4% Telecomms Services 6.1% Consumer Discretionary 30.5% Materials 9.9% Information Technology 2.3% Industrials 16.6% Health Care 6.0% Financials 23.1% 94.6 Net Liquids 5.4 Total Portfolio 100.0 Number of companies held 43 Net Assets $36.8m Hunter Hall Awards Date May 2011 Hunter Hall Ethical/SRI Manager Money Management/Lonsec Fund Manager of the Year 2011 Jul 2008 Distributions Distributions can only be paid when there is net income to distribute as determined semi-annually. The June figures shown below include the distribution for the preceding December distribution if applicable. Cash per unit 30 June 2014 30 June 2013 30 June 2012 30 June 2011 30 June 2010 30 June 2009 30 June 2008 30 June 2007 30 June 2006 30 June 2005 30 June 2004 3.32c 4.68c 8.16c 5.78c 0.75c 1.96c 12.21c 17.52c 16.45c 17.29c 10.06c Hunter Hall Best International Small Cap Shares AFR Smart Investor Blue Ribbon Awards 2008 Feb 2008 Hunter Hall International Equities Finalist – Morningstar Fund Manager of the Year 2007 Jul 2007 Hunter Hall Best International Small Cap Shares AFR Smart Investor Blue Ribbon Awards 2007 Feb 2007 Hunter Hall International Equities Finalist – Morningstar Fund Manager of the Year 2006 Distributions For the year ended: Awarded to Award Australian Franking Foreign Credits Tax Credits per unit per unit 2.25c 0.62c 0.85c 1.43c 1.07c 1.23c 1.57c 1.94c 1.88c 1.02c 0.33c 0.06c – – – – – – – – 0.04c – Sep 2006 Hunter Hall Boutique Fund Manager of the Year Finalist – S&P Fund Awards 2006 May 2003 Hunter Hall Fund Manager of the Year – Finalist Rising Star Money Management – ASSIRT Fund Manager of the Year Awards 2003 Feb 2002 Hunter Hall Morningstar Emerging Fund Manager of the Year 2002 DISCLAIMER Initial applications for units can only be made on an Application Form found in the current Product Disclosure Statement for the Hunter Hall Funds. Hunter Hall Investment Management Limited (AFSL: 219462) or any related entity does not guarantee the repayment of capital or any particular rate of return from the Funds. Investment returns have been calculated in accordance with normal industry practice utilising movements in unit price and assuming reinvestment of all distribution of income and realised profits. This Fact Sheet does not take into account a reader’s investment objectives, particular needs or financial situation. It is general information only and should not be considered as investment advice and should not be relied on as an investment recommendation. FA C T S H E E T – 3 0 S E P T E M B E R 2 0 1 4 Kindness Excellence Respect ntegrity Generosity Kindnes Excellence Respect Integrity enerosity Kindness Excellenc Respect Integrity Generosity Kindness Excellence Respect ntegrity Generosity Kindnes Excellence Respect Integrity enerosity Kindness Excellenc Respect Integrity Generosity Kindness Excellence Respect ntegrity Generosity Kindnes Excellence Respect Integrity enerosity Kindness Excellenc HUNTER HALL ETHICAL MANAGED FUNDS Hunter Hall Investment Management Limited Investor Relations 1800 651 674 New Zealand callers 0800 448 305 International callers +61 2 8224 0300 www.hunterhall.com.au Printed on recycled paper. ISO 14001 Environmental Accreditation.
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